Why are chocolates so expensive for Halloween 2024? The reason behind the high prices
Many trick-or-treaters are looking forward to all the candy just waiting to be consumed on Halloween, but there may be less chocolate to be had.
Trick-or-treaters might be disappointed at their loot this year, because there is a high possibility there won’t be as many chocolate bars in their buckets.
Cocoa prices have reached record highs after more than doubling since the beginning of 2024. Candy companies are coping with the lack of cocoa by turning to non-chocolate alternatives.
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Why are chocolates so expensive for Halloween 2024? The reason behind the high prices
Not many countries in the world can produce cocoa, though they might want to. This crop needs specific weather and environmental conditions to thrive.
West Africa, particularly Ivory Coast and Ghana, produces more than 70% of the world’s cocoa. The region has been been suffering from extreme weather conditions in recent years that have taken a toll on cocoa trees.
Higher temperatures have caused drought stress on the plants, while heavy rains brought about a fungal disease called black pod. These have resulted in reduced yields.
The International Cocoa Organization believes production will fall by 10.9% this year.
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Financial difficulties are driving some farmers away from cocoa as a crop. With production costs climbing, profitability has significantly declined.
This tough situation is pushing some farmers to switch from cocoa trees to crops that provide a steadier income. As more farmers reduce cocoa cultivation, it further intensifies pricing challenges.
Chocolate producers are confronted with a tough decision: either absorb the higher costs and risk lower profits or raise chocolate bar prices to offset these expenses. They are likely to take the second option, meaning consumers could see a price increase, resulting in more expensive chocolate candy this Halloween season.
The most popular candies for this year are still chocolate, but there may be less of it to go around, so get ready to indulge in fruity or gummy candy this year.